Imagine this: You’ve been told by your accountant that you qualify for a large government grant or loan—something that could help you start a new business or pay off debts. It sounds too good to be true, but your trusted advisor assures you it’s legit. You’re excited, perhaps even eager to sign the paperwork. But what if I told you that this “easy money” could be a trap—a scheme that might land you in criminal trouble, damage your reputation, or cost you everything you’ve worked hard to build?
Recent News That Should Make You Think Twice
In recent news, a Connecticut man named Yasir Hamed, an accountant from Woodbridge, pleaded guilty to a scheme that defrauded the federal Paycheck Protection Program (PPP) of over $2.3 million. This case is a stark reminder that even trusted professionals—those we rely on for financial guidance—can cross ethical boundaries. Trusting the wrong advice, especially when it’s “too good to be true,” can have devastating consequences, even if they assure you it’s “safe” or “legal.”
What Happened?
During the height of the Covid pandemic, between June 2020 and September 2021, Yasir Hamed submitted fraudulent PPP loan applications for multiple companies he owned, started, or represented. He overstated employee numbers, inflated payroll figures, and submitted fake tax filings that had never been filed with the IRS. He even convinced at least one business owner, knowing it was inactive with no employees, to seek PPP funding—and then he kept a significant portion of the loan proceeds for himself.
Hamed used the stolen funds for personal expenses, including a family member’s education and a down payment on an $880,000 house in Woodbridge, CT. He obtained over $2.3 million in loans and kept more than $1 million for himself and his family, all during a crisis meant to aid struggling businesses and individuals. It’s a cautionary tale about how greed and deception can undermine trust and legality.
Spot the Red Flags—How to Recognize a Scam Before It’s Too Late
This case highlights some critical warning signs you should watch out for when dealing with any financial professional or tax preparer:
- Guarantees of Approval
- “You qualify,” or “I can get you qualified” — No one can promise instant or guaranteed approval.
- Creative or Unusual Advice
- Inflating income, creating fake businesses, or submitting false tax documents—these
- are illegal and dangerous.
- Kickbacks or Side Payments
- Asking for a cut of the funds or “taking care of” your accountant? Big warning sign.
- Fake Businesses & Falsified Documents
- Promoting the setup of non-existent companies or fictitious paperwork to qualify for loans.
Why Clients Are Also Responsible
It’s important to remember: You are responsible for your own decisions. If your accountant or advisor suggests something that sounds “off,” it’s your right—and duty—to ask questions and seek a second opinion. Trustworthy professionals won’t pressure you into illegal activities or shortcuts. Stay informed and vigilant.
How to Protect Yourself – Six Practical Steps
- Get Educated
- Learn the basic rules about loans, grants, and taxes. When in doubt, ask another professional.
- Question Promises
- If it sounds too good to be true, it probably is. Always ask: Why do I qualify? Is this legal?
- Verify Credentials
- Check that your accountant or tax preparer is licensed, credentialed, and recognized by the IRS.
- Avoid Unusual Fees
- Legitimate professionals charge fair, transparent fees—not a percentage of the funds or secret kickbacks.
- Follow the Law
- Remember: Defrauding the government is a crime. Stay ethical and compliant.
Integrity Matters—Your Reputation Is Worth Protecting
Stories like Yasir Hamed’s aren’t isolated. Throughout the country, individuals in authority—pastors, lawyers, accountants, even sports personalities—have fallen into similar traps. No matter your background or profession, your good name is your most valuable asset. There are no shortcuts to honest success. Trusting someone who promises quick riches through illegal or shady means can ruin your reputation and land you in serious legal trouble. It’s always better to work with honest, transparent professionals who put integrity above shortcuts.
Ask yourself: Are you sure your accountant’s advice is legit? If it sounds too good to be true, it probably is. Protect yourself—ask questions, do your homework, and stay vigilant. Your future self will thank you.
JoAnna Laiscell, MSAT
May 13, 2025
References:
U.S. Department of Justice. (2025, May 12). Woodbridge man admits $2.3 million pandemic relief program scheme. https://www.justice.gov/usao-ct/pr/woodbridge-man- admits-23-million-pandemic-relief-program-scheme
MSN. (2025, May 12). Connecticut accountant pleads guilty to defrauding $2.3 million in COVID relief scheme. https://www.msn.com/en-us/money/smallbusiness/connecticut- accountant-pleads-guilty-to-defrauding-23-million-in-covid-relief-scheme/ar-AA1ECQB6
